Question

I am borrowing $ 10,000 for 5 years at 7% . Payments are made on a monthly basis and are determined using the add- on method. 1: How much total interest will I pay on the loan if I held it for the full 5 year term ? 2 : What would my monthly payments be and 3: How much higher would the monthly payments be under the add - on method than under the simple - interest method ?

Answer 1

same question as joyce